Nearly 150,000 were Chinese citizens, with more than 50,000 coming from India.

Big numbers, and, based on the current trend, only likely to get bigger in the years ahead, providing a much needed boost to the Australian economy at a time when it’s performing well below its potential.

However, continued growth will also have its challenges, particularly when it comes to housing demand along with youth unemployment rates.

Still, the benefits still outweigh the negatives for Australia, not only now but also into the future.